The results highlight the usefulness of combining machine learning techniques with alternative sources of information to generate timely forecasts that are comparable to those of the market.
Parra-Polanía, Julián Andrés
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- Publicación |Foreword written by Mauricio Villamizar‑Villegas and Lucía Arango‑Lozano
Monetary policy is a fascinating subject that is always at the center of economic discussions, whether in classrooms, media headlines, or everyday conversations. However, understanding it in depth requires more than a…
- Publicación |AbstractWe examine the optimal design of central bank digital currencies (CBDCs) by focusing on two key features: the anonymity-security trade-off and the remuneration (i.e., interest rate). Building on the extended model by Agur et al. (2022), which accounts for potential negative externalities…
- Publicación |Considering the recent decline in the birth rate, the beginning of the decline in the labor force in Colombia would occur between 2043 and 2045.
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This document reviews the potential macroeconomic effects of issuing a central bank digital currency (CBDC) for the use of individuals and businesses. A careful selection of the architecture, and the economic and technological design aspects of this digital form of central bank money…
- Publicación |Approach
Since the introduction of exchange rate flexibility and the inflation targeting regime in 1999, Banco de la República (BR), Colombia's monetary and exchange rate authority, has intervened assiduously in the foreign exchange market, except in the last five years.
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Today (Nov
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Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from which we derive the ‘standard’ policy)…
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In the present paper we remark that the absence of an intrinsic or fundamental value represents a problem for the stability of the bitcoin’s price as an asset. In addition, we consider some financial stability concerns that derive from the hypothesis that the bitcoin will survive as an asset…
